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Lance, Inc., a calendar year corporation, reported the following operating income (loss) before income tax and the enacted tax rates for the last three years of operations:
There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes. When filing its year 3 tax return, Lance elected to use only the carryforward provision. What amount should Lance report as income tax refund receivable in year 3? A. $40,000 B. $90,000 C. $60,000 D. $0 |